Each one in plain English, with the numbers worked through for a shareholder.
24 July 2012financial restatement▼ BadMajor
Weatherford reported preliminary Q2 2012 pre-tax earnings of $205 million on record revenue of $3,778 million, again without a tax figure because the income tax material weakness is still not remediated. It found a further $92 million of prior-period tax expense in the first two quarters of 2012, took a $100 million charge as its best estimate of a possible settlement with the U.S. government over alleged sales in sanctioned countries (still unsettled), and booked a $53 million gain on the sale of its subsea controls business. It also said the Middle East/North Africa, Russia and Sub-Sahara Africa units, with $769 million of goodwill, were potentially impaired after a sustained share price decline; the amount of any impairment is not yet known. This continues the tax restatement thread and gives a dollar estimate for the government investigation thread. The CFO signing the filing is now John H. Briscoe, replacing Andrew Becnel.
Weatherford International Ltd./Switzerland reported quarterly revenue of $3747.0 million and a net loss of $849.0 million for the period ended 2012-06-30.
Weatherford International Ltd./Switzerland announced its upcoming annual shareholder meeting, covering the routine agenda (director elections, auditor ratification, executive-pay advisory vote).
Weatherford International Ltd./Switzerland reported quarterly revenue of $3591.0 million and net income of $123.0 million for the period ended 2012-03-31.
On March 30, 2012 Weatherford's Bermuda subsidiary agreed to sell $750 million of 4.50% notes due 2022 and $550 million of 5.95% notes due 2042, guaranteed by the Swiss parent and the Delaware subsidiary, for net proceeds of about $1,283.7 million, expected to close about April 4, 2012. The money is to repay short-term debt and for general corporate purposes. This follows the same structure as the Sept 2010 notes issue.
Weatherford reported preliminary Q4 2011 results (pre-tax income of $254 million, revenue of $3,710 million, a company record) but only on a pre-tax basis because the tax material weakness disclosed in March 2011 has not been fixed. It now expects roughly $225-250 million of net tax adjustments to results for 2010 and earlier, about two-thirds relating to years up to 2008, and the Audit Committee again concluded prior financial statements should not be relied on. This continues the 2011 restatement, with the estimated size of adjustments now stated as about $225-250 million versus about $500 million estimated in March 2011 (the filing does not explain the difference).
ClearBridge Advisors, LLC reported a Weatherford International Ltd./Switzerland shareholding of 39,275,629 shares (5.21% of votes) in a periodic institutional filing.
Weatherford International Ltd./Switzerland reported quarterly revenue of $3370.0 million and net income of $121.0 million for the period ended 2011-09-30.
Weatherford International Ltd./Switzerland reported quarterly revenue of $3370.0 million and net income of $121.0 million for the period ended 2011-09-30.
Weatherford International Ltd./Switzerland reported quarterly revenue of $3052.0 million and net income of $51.0 million for the period ended 2011-06-30.
Weatherford International Ltd./Switzerland reported quarterly revenue of $3052.0 million and net income of $51.0 million for the period ended 2011-06-30.
On July 13, 2011 Weatherford amended its unsecured revolving credit facility (the $1.75 billion facility signed Oct 2010), raising it to $2.25 billion and extending maturity from Oct 2013 to July 13, 2016. Interest margins were lowered to LIBOR plus 1.025% (or prime plus 0.025%), subject to change if credit ratings change. JPMorgan remains administrative agent.
Weatherford International Ltd./Switzerland shareholders approved the routine matters put to a vote at the company's annual meeting (director elections, auditor ratification, and the executive-pay advisory vote).
Weatherford International Ltd./Switzerland reported quarterly revenue of $3052.0 million and net income of $51.0 million for the period ended 2011-06-30.
Weatherford International Ltd./Switzerland announced its upcoming annual shareholder meeting, covering the routine agenda (director elections, auditor ratification, executive-pay advisory vote).
Weatherford International Ltd./Switzerland reported quarterly revenue of $2856.0 million and net income of $30.0 million for the period ended 2011-03-31.
Weatherford International Ltd./Switzerland reported quarterly revenue of $2856.0 million and net income of $30.0 million for the period ended 2011-03-31.
Weatherford International Ltd./Switzerland reported quarterly revenue of $2856.0 million and net income of $30.0 million for the period ended 2011-03-31.
Weatherford International Ltd./Switzerland reported quarterly revenue of $2856.0 million and net income of $30.0 million for the period ended 2011-03-31.
Weatherford International Ltd./Switzerland shareholders approved the routine matters put to a vote at the company's annual meeting (director elections, auditor ratification, and the executive-pay advisory vote).
Weatherford said its earlier financial statements for 2007-2009 and the first three quarters of 2010 should no longer be relied on, after finding a material weakness in how it accounts for income taxes. It estimates tax-related errors of about $500 million across 2007-2010 (about $460 million from the tax treatment of intercompany amounts), plus roughly $20 million of other timing corrections reducing net income; the amounts could still change. This explains the late annual report notice filed the same day. It also says its 20% 2011 tax rate guidance is being reassessed, and that Libya operations have not resumed, with about $141 million of property and inventory and about $76 million of cash, receivables and prepaids there at Dec 31, 2010 and about $19 million of performance bonds.
